Our Representation of NYC Condo Buyers and Sellers is Based on a Flat-Fee Schedule and Includes the Following Closing Services:
Closing Services for NYC Condo Buyers
1. Initial Stage
Discussing with the buyer all stages of a successful condo purchase, advising the buyer on the optimal ownership structure based on the family and residency status, and long-term financial objectives; going over the deal-sheet terms with the buyer before proceeding to contract negotiation and execution stage.
2. Contract of Sale
Negotiating a contract of sale with the seller’s attorney to protect the buyer’s financial interests and to shield the buyer from unnecessary liability. Before executing the contract and making a deposit, going over the contract terms with the buyer to make sure that he/she understands the contractual rights and obligations.
3. Title Search
Ordering and reviewing a title report for the condo unit to ensure that the unit’s title is clean and unencumbered. If the report reveals any irregularities in the chain of title, resolving title clouds with the seller and title insurance company before closing.
4. Due Diligence
Performing a detailed property due diligence that includes the following stages:
- Reviewing the condo’s offering plan and amendments, bylaws, minutes from the board meetings, financials, alteration agreements, building’s rules and regulations.
- Researching and reviewing public records to ensure that there are no outstanding violations, liens and judgments against the building and the condo unit.
- Submitting a detailed written questionnaire to the management company to make sure that the building does not have:
– special assessments in effect;
– planned common charges increases/special assessments;
– pending, anticipated or threatened lawsuits against the building;
– sublet restrictions;
– hidden transfer costs; or
– anticipated capital improvements.
- Preparing a detailed due diligence report for the buyer summarizing key findings based on the review and research of the condo’s documents, public records and information gathered from the management company.
If a client is financing the purchase, assisting with preparing and reviewing the mortgage application, communicating with the lender, reviewing the mortgage commitment letter and ensuring that conditions outlined in the commitment letter are satisfied prior to the closing.
6. Board Package & Waiver
Assisting the client with obtaining the condo’s board waiver of the right of first refusal to purchase a condominium unit from the seller.
Guiding the buyer through the final walk-through of the apartment to ensure that the property’s condition has not changed since the contract execution date, that the seller made all agreed-upon repairs in the unit, and that all the contract terms regarding the unit’s condition have been satisfied.
8. Closing Costs
Going over all closing costs with the buyer before closing, including NYC and NYS real estate transfer and mortgage recording taxes (if applicable), title insurance costs, real estate taxes and common charges, recording fees and various closing adjustments.
Representing buyer at the closing. Ensuring that the requisite closing documents are executed to effectuate the unit transfer and that all open liens and mortgages on the property are paid off; disbursing closing proceeds to the seller, title insurance company and the lender, if there is one. If the seller is a foreigner, withholding a portion of the purchase price as required under FIRPTA and sending the withheld amount to the IRS.
Ensuring that the title company timely records the transfer documents and deed, conveying interest in the purchased condo from the seller to the buyer in the Department of Finance registry.
11. Closing Package
Preparing a closing package for the buyer consisting of the final settlement statement detailing closing cost and expenses, contract of sale, deed and all other ancillary transfer documents.
Closing Services for NYC Condo Sellers
1. Initial Stage
Discussing with the seller all legal steps involving sale of the unit, confirming transaction terms that must be reflected in the contract of sale, advising the seller regarding closing costs and transfer taxes in connection with the sale. If the sale involves an investment property, advising the seller how to minimize federal and state capital gain taxes, including 1031-Exchange. If the seller is a foreigner, assisting to minimize or eliminate the amount of FIRPTA withholding that the seller would be required to relinquish at closing.
2. Contract of Sale
Drafting a contract of sale to protect the seller’s interests. Negotiating and finalizing the contract of sale with the purchaser’s attorney and collecting down payment from the purchaser. Going over the final version of the contract with the seller before execution.
3. Title Report
Reviewing the title report generated by the purchaser’s title company and addressing title issues (if any) raised by the purchaser’s attorney to make sure that the seller can successfully close on the unit sale.
Addressing any issues and concerns that the buyer raises during the final inspection of the apartment in order to proceed to the closing stage.
5. Closing Costs
Going over all closing costs with the seller before proceeding to the closing, including NYC and NYS real estate transfer taxes (if applicable), real estate taxes and common charges, closing adjustments and various recording fees.
Representing the seller at closing. Making sure that all requisite closing documents are executed and open mortgages are paid-off; collecting purchase price funds from the purchaser and disbursing transfer tax payments to the closing agent.
7. Closing Package
Preparing a closing package for the seller consisting of the final settlement statement detailing closing cost and expenses, contract of sale, deed and all other ancillary transfer documents.
NYC Condominium Closing Services for Buyers & Sellers
Dilendorf & Khurdayan
60 Broad Street, 24th Floor,New York,NY-10004,
Manhattan, NYC, Brooklyn, Queens
NYC Condo closing attorney representing real estate buyers and sellers in condo purchase transactions.